Precious Metals 2024 Outlook: Gold Eyes $2400, Silver Could Soar to $30
Michele Schneider | Dec 26, 2023 01:58AM ET
For last year’s gold and silver outlook, I wrote,
“Perhaps our biggest callout for a major rally in 2023 is in gold.”
Here we are over $2000 and although gold has not doubled in price, it did rise by 25%.
For 2024, we stay with our call for higher gold prices. I am looking for a move to $2400 provided gold continues to hold $1980.
That statement was from December 1.
Adding to that statement:
Trends for 2024: gold and silver start their last hurrah
The look of the daily charts in both gold and silver show even more potential in silver for the coming year.
Gold has hit resistance and remains an underperformer to SPY.
Gold sits still at the highs like a quiet blanket of safety.
Silver has yet to hit resistance.
If it can take out 23.40, we see no reason why $27-30 is not attainable.
ETF Summary
- S&P 500 (SPY) 480 all-time highs 465 underlying support
- Russell 2000 (IWM) 200 pivotal and 194 support
- Dow (DIA) Needs to hold 370
- Nasdaq (QQQ) 410 resistance with support at 395
- Regional banks (KRE) 47 support 55 resistance
- Semiconductors (SMH) 174 pivotal support to hold this month
- Transportation (IYT) Needs to hold 250
- Biotechnology (IBB) 130 pivotal support
- Retail (XRT) The longer this stays over 70.00 the better!
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.